Retail Pricing
Retailers face a large number of very important decisions when it comes to determining the price of their goods and services. Setting prices correctly can drive sales, attract customers and polish a retailer’s reputation. On the other hand setting price incorrectly can have a negative impact on customer loyalty and sales. To make more informed decisions regarding setting up the prices, retailers often use of various pricing strategies based on their store format and the target audience. The pricing analysis on the studied three retail shops are given as below -: Trinket Shoppe Pernia’s Pop-up Shop Zamkudi
Type of format Brick & Mortar retail store Online retail store Brick retail store
Target customers Upper middle class and …show more content…
Hence they have a wide range and variety of apparels to cater to different strata of people. Zamkudi actually uses many types of pricing strategies for its different range of products. Some of the strategies used by Zamkudi are MSRP, Odd pricing, dynamic pricing, discount pricing, bundle pricing and price lining. MSRP (The manufacturer’s suggested retail price) pricing strategy is used for all the big brands sold by Zamkudi. Discount pricing is mainly used at the end of the season when the fresh stock arrives and the current stock needs to be cleared. This is also called as the stock clearing sale. On the other hand, odd pricing, discount pricing and price lining are used for the locally manufactured products to increase the store traffic. On the uniforms segment mainly bundle pricing is applied. To liquidate the unsold inventory, Zamkudi use the approach to sell it to another …show more content…
Maintaining the number as big as thousand and keeping track on them is a very tedious task hence need a very robust and a compliant process. The retailer like Pernia Pop-up Shop follows the vendor management framework given below.
Fig. Vendor Management Framework
Zamkudi –
To efficiently manage the vendors Zamkudi also measure and monitor the performance of the vendors time to time. Managing the large number also requires the proper communication plan that is followed by Zamkudi. This retailer try to be in constant touch with the vendors to build relations with them. Zamkudi also focus on the compliance issues, though there is no well-defined framework followed by them.
All the three retailers that has a strong relationship with the vendors they have, thanks to frequent, thoughtful communication and effective management it has become quicker to identify and make available for sale products that are most-coveted by their
Retailers face a large number of very important decisions when it comes to determining the price of their goods and services. Setting prices correctly can drive sales, attract customers and polish a retailer’s reputation. On the other hand setting price incorrectly can have a negative impact on customer loyalty and sales. To make more informed decisions regarding setting up the prices, retailers often use of various pricing strategies based on their store format and the target audience. The pricing analysis on the studied three retail shops are given as below -: Trinket Shoppe Pernia’s Pop-up Shop Zamkudi
Type of format Brick & Mortar retail store Online retail store Brick retail store
Target customers Upper middle class and …show more content…
Hence they have a wide range and variety of apparels to cater to different strata of people. Zamkudi actually uses many types of pricing strategies for its different range of products. Some of the strategies used by Zamkudi are MSRP, Odd pricing, dynamic pricing, discount pricing, bundle pricing and price lining. MSRP (The manufacturer’s suggested retail price) pricing strategy is used for all the big brands sold by Zamkudi. Discount pricing is mainly used at the end of the season when the fresh stock arrives and the current stock needs to be cleared. This is also called as the stock clearing sale. On the other hand, odd pricing, discount pricing and price lining are used for the locally manufactured products to increase the store traffic. On the uniforms segment mainly bundle pricing is applied. To liquidate the unsold inventory, Zamkudi use the approach to sell it to another …show more content…
Maintaining the number as big as thousand and keeping track on them is a very tedious task hence need a very robust and a compliant process. The retailer like Pernia Pop-up Shop follows the vendor management framework given below.
Fig. Vendor Management Framework
Zamkudi –
To efficiently manage the vendors Zamkudi also measure and monitor the performance of the vendors time to time. Managing the large number also requires the proper communication plan that is followed by Zamkudi. This retailer try to be in constant touch with the vendors to build relations with them. Zamkudi also focus on the compliance issues, though there is no well-defined framework followed by them.
All the three retailers that has a strong relationship with the vendors they have, thanks to frequent, thoughtful communication and effective management it has become quicker to identify and make available for sale products that are most-coveted by their